Stellar Lumens has been experiencing the same fate as the rest of the cryptocurrencies, which is crumbling to the bottom under bear’s pressure.
At press time, XLM is trading at $0.1952 with a market cap $3.73 billion. Although Stellar Lumens overtook Bitcoin Cash, it was short-lived as it came back to being the fifth largest cryptocurrency. The total trading volume of XLM is $88.88 million. 20% of the total trading volume is coming from Binance with trading pairs XLM/USDT and XLM/BTC.
Source: Trading View
The downtrend for Stellar Lumens spans from $0.2856 to $0.1966 with no uptrend in sight. XLM price has broken support at $0.2173 and has dipped down, but the support at $0.1909 is holding steady. The resistance points are set at $0.2212, $0.2413, $0.2597, $0.2749, and $0.2858.
The MACD line has crossed over the signal line, undergoing a bearish crossover. The zero line has red bars hanging over to the bottom indicating a bearish signal.
The Stochastic line has touched the 30 line, indicating an oversold market, while a bullish crossover has just occurred at the bottom.
The CMF can be seen hanging at the zero line, which indicates that the money inflow and outflow are almost the same.
Source: Trading View
The uptrend for Stellar Lumens has vanished in the one-day chart while the downtrend ranges from $0.4305 to $0.2531 as the prices dip further down. The prices are holding strong at the $0.1768 support. Resistance points, however, are set up at $0.2813, $0.3336 and $0.3693.
The Aroon indicator shows a persistence in the downtrend as the Aroon downline has hit the top. The uptrend as shown by Aroon indicator has vanished.
The RSI is hitting the bottom indicating a bearish presence dominating in the market.
The bears have taken over the cryptocurrency space and won’t let go, which is clearly indicated in the one-hour chart as depicted by MACD, CMF, and Stochastic. The one-day chart shows the same, with RSI and Aroon indicator.
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